September 2008
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In this edition:
Note: All hyperlinks below were correct at the time of publication. Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
The Garnaut Climate Change Review released its final report on 30 September 2008. Earlier in the month, it also released a supplementary draft report on targets and trajectories. For copies, go to:
Treasury has released an exposure draft of the Corporations Amendment (Short Selling) Bill 2008. The Bill requires the disclosure of covered short sales on Australian financial markets. For a copy of the exposure draft and the accompanying commentary, go to:
http://www.treasury.gov.au/documents/1418/PDF/Corporations_Amendment_(Short_Selling)_Bill_2008.pdf
The Federal government has released a discussion paper proposing an amendment to the Trade Practices Act 1974 aimed at regulating "creeping acquisitions" (ie acquisitions over time of a number of individual assets or businesses which individually are unlikely to contravene section 50 of the Act but which collectively may raise competition concerns). To view the paper, go to:
http://www.treasury.gov.au/documents/1409/PDF/Discussion%20Paper%20-%20Creeping%20Acquisitions.pdf
The Federal government has also introduced a Bill designed to stop misleading "component pricing" practices. For a copy of the Trade Practices Amendment (Clarity in Pricing) Bill 2008 and its explanatory memorandum, go to:
The Federal government has introduced a Bill to address discrimination against same-sex couples and their children in Commonwealth laws. For a copy of the Same-Sex Relationships (Equal Treatment in Commonwealth Laws - General Law Reform) Bill 2008 and its explanatory memorandum, go to:
The ACCC has been true to its word about more closely scrutinising green claims in advertisements. It has obtained consent orders against GM Holden Ltd about its claim that its Saab range of motor vehicles was "Grrrrrreen" and carbon emission neutral, based on an undertaking to plant 17 native trees for each vehicle sold. The planting of those trees would only provide a carbon dioxide emission offset for a single year's operation of the motor vehicle and not for the life of the vehicle, as claimed in the advertisements. It has also obtained an enforceable undertaking from V8 Supercars Australia Pty Ltd concerning its announcement that it would plant 10,000 native trees and that would fully offset the carbon emissions from the V8 Championship Series, including not only the emissions from the races themselves, but also the transport of the racing teams, air travel to the events and other activities. The ACCC was concerned that the claim suggested that the trees would quickly absorb the carbon emissions, when in fact it was likely that it would take several decades for the trees to absorb the emissions from one year's racing. See Media Releases 265/08 and 267/08:
http://www.accc.gov.au/content/index.phtml/itemId/843360
http://www.accc.gov.au/content/index.phtml/itemId/843395
For a copy of the various ASIC announcements and class orders on short selling, go to:
http://www.asic.gov.au/asic/asic.nsf/byheadline/Short+selling?openDocument
ASIC has released Regulatory Guide 45 Mortgage schemes-improving disclosure for retails investors and Regulatory Guide 46 Unlisted property schemes-improving disclosure for retails investors. For a copy, go to:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg45.pdf/$file/rg45.pdf
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg46.pdf/$file/rg46.pdf
ASIC has issued a class order providing conditional exemptions for group purchasing bodies that arrange cover under insurance or facilities for managing financial risk (excluding certain foreign insurance) from the Australian financial services licensing and managed investment scheme registration requirements. It has also issued Regulatory Guide 195: Group purchasing bodies for insurance and risk products, setting out ASIC’s policy on the relief. For a copy of the regulatory guide, go to:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg195.pdf/$file/rg195.pdf
ASIC has issued a class order providing conditional relief to operators of collective investment schemes authorised by the Hong Kong Securities and Futures Commission from various registration, licensing, product disclosure and fundraising requirements under the Corporations Act. The class order is part of ASIC’s implementation of the Declaration on Mutual Recognition of Cross-Border Offering of Collective Investment Schemes entered into between ASIC and the SFC on 7 July 2008. See ASIC Advisory AD08-13:
For a copy of the ASX's many announcements on short selling (ASX Media Release dated 19 September 2008 and ASX Circulars 466/08, 467/08, 468/08 469/08, 470/08, 472/08, 473/08, 474/08, 481/08, 482/08 and 495/08 and their various attachments), go to:
http://www.asx.com.au/about/pdf/mr_190908_abolition_naked_short_selling.pdf
The ASX Market Rules, Procedures and Guidance Note 16 have been amended to cater for the introduction of the new AQUA market for managed funds, ETFs and structured products. See ASX Circular 448/08 and attachments:
Austrac has released a reporting implementation policy to assist reporting entities with new obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The policy sets out the approved methods and processes for the reporting requirements that take effect on 12 December, including 7 new reportable details forms and 4 reporting methods that Austrac has designed to meet the size and technology requirements of reporting entities. The policy is available at:
http://www.austrac.gov.au/amlctfact_reporting_implementation.html
SFE has issued a reminder to market participants about the requirements that need to be followed in relation to pre-negotiated business orders and expressions of interest. See SFE Notice 134/08:
http://www.sfe.com.au/content/notices/2008/notice2008_134.pdf
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - September 2008:
http://www.aar.com.au/pubs/pdf/wr/fowrsep08.pdf
A recent speech by the Deputy Prime Minister has revealed important detail on the 'Forward with Fairness' workplace relations system. See Freehills, Employee Relations Express - 17 September 2008:
http://www.freehills.com.au/4111.aspx
For a concise summary of the recent developments on short selling, see Allens Arthur Robinson, Focus: Short Selling – September 2008:
http://www.aar.com.au/pubs/pdf/cm/fosssep08.pdf
Blake Dawson, Litigation Update - 3 September 2008 analyses a recent High Court decision on whether the disclosure of legal advice amounts to an imputed waiver of legal professional privilege and also whether documents containing legal advice are subject to disclosure under the "public interest" exception in Victorian freedom of information legislation. See:
http://www.blakedawson.com/Templates/Publications/x_publication_content_page.aspx?id=53003
For a general discussion of recent developments in privacy law, see Minter Ellison, Privacy Update - September 2008:
Allens Arthur Robinson, Focus: Competition Law – September 2008 analyses the recent Full Federal Court decision in the Baxter case on anti-competitive bundling practices. See:
http://www.aar.com.au/pubs/pdf/comp/focompsep08.pdf
Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar The Diocesan Bishop of The Macedonian Orthodox Diocese of Australia and New Zealand [2008] HCA 42 sets out the High Court's view on the power of a court to give judicial advice to a trustee under section 63 of the Trustee Act 1925 (NSW). The decision can be viewed at:
http://www.austlii.edu.au/au/cases/cth/HCA/2008/42.html
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